IIFL Wealth Group to acquire L&T Finance Holdings' wealth management business
Mumbai (Maharashtra) [India], Aug 28 (ANI): IIFL Wealth Group said on Wednesday it has entered into a definitive agreement to acquire 100 per cent equity shares of L&T Capital Markets (LTCM), a wholly-owned subsidiary of L&T Finance Holdings (LTFH), which provides wealth management services for individual and institutional clients.
ANI
Aug 28, 2019 17:20 IST
Mumbai (Maharashtra) [India], Aug 28 (ANI): IIFL Wealth Group said on Wednesday it has entered into a definitive agreement to acquire 100 per cent equity shares of L&T Capital Markets (LTCM), a wholly-owned subsidiary of L&T Finance Holdings (LTFH), which provides wealth management services for individual and institutional clients.
LTCM offers a portfolio of comprehensive products and services across asset classes together with a dedicated set of research professionals and senior private bankers. The move is expected to strengthen IIFL Wealth's platform for serving high net-worth and ultra-high-worth families.
"Born of a genesis steeped in entrepreneurial culture similar to IIFL Wealth and Asset Management, this team brings product innovation, geographical spread, and client assets of more than Rs 24,000 crore," said Karan Bhagat, Founder, Managing Director and CEO of IIFL Wealth Management.
"While most of our growth over the years has been organic, we have also successfully aligned with the right partners in the business in the past. Going forward, our combined effort will further strengthen our reach and offerings for the high net worth and ultra-high net worth clients across India," he said in a statement.
JM Financial Limited acted as the exclusive financial advisor to LTFH.
Headquartered in Mumbai, IIFL Wealth and Asset Management has a wide geographical footprint across 33 locations in seven major global financial hubs and 26 locations including India and around the world. (ANI)
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